以美韩养老金计划为例：借镜观形：中长期资金入市启示

Group 1: U.S. Pension System Insights - The 401(k) plan, a key component of the U.S. pension system, has a significant asset allocation towards equities, with historical data showing annualized returns of 10.55% for the S&P 500 over the past decade[3] - Equity investments in the 401(k) plan are highly concentrated in healthcare, finance, and information technology, accounting for over 60% of total investments[4] - As of the end of 2024, mutual funds manage 60% of the 401(k) plan's assets, totaling approximately $5.3 trillion, with stock funds being the predominant type[5] Group 2: South Korean National Pension Insights - The South Korean National Pension emphasizes a diversified approach, with a focus on equity investments, achieving an investment return of 750.1 trillion KRW, significantly exceeding pension expenditures of 379.3 trillion KRW as of February 2025[8] - The National Pension Service follows a structured investment framework, targeting a 5-year return goal and focusing on investment performance[9] - The annualized return since inception for the National Pension is 6.82%, with global equities contributing a substantial 16.5% annualized return[13] Group 3: Implications for China's Long-term Capital Market - China's long-term capital, including insurance funds, social security funds, and public funds, is estimated to provide an annual incremental capital of approximately 2.1 trillion CNY to the stock market[14] - The strategic recommendation is to increase equity allocation while optimizing asset structure, as evidenced by the U.S. 401(k) plan's 71% equity allocation and South Korea's 47.9%[15] - A "barbell strategy" is suggested for balancing growth and value investments, focusing on sectors like IT, finance, and healthcare[16]